China reporter Lucy Gao reviews the major business news making headlines every day in both the Chinese and English language press.

China Securities Journal

■ Urbanisation is expected to become the main engine for China’s economic growth in the next two decades, said Li Yang, deputy head of the Chinese Academy of Social Sciences, a leading government think tank.

■ China is evaluating the effectiveness of its property-tightening measures and will decide whether to make adjustments, according to unnamed industry experts.

Shanghai Securities News

■ China will expand the pilot program for its domestic over-the-counter (OTC) sharemarket, Liu Xinhua, vice-chairman of the China Securities Regulatory Commission, said on Wednesday.

■ Chinese consumer spending intentions in the first quarter rebounded to their highest level since the third quarter of 2010, according to a report from information services firm Nielsen.

■ Profits generated by state-owned enterprises rose 5.3 per cent in the first four months, lower than the 7.7 per cent increase for the first quarter, according to data from the Ministry of Finance.

■ Foreign direct investment in Shanghai rose to $US1.6 billion in April, up 14.9 per cent from a year earlier and driven by strong investment in the city’s manufacturing sector, the Shanghai Statistics Bureau said.

■ Local creditors of Wuxi Suntech, the bankrupt unit of Chinese solar panel maker Suntech Power Holdings, claimed on Wednesday the subsidiary owed them a combined $US2.5 billion, as a debt restructuring process expected to last months got under way.

■ Chinese commodities firms importing everything from gold and rubber to base metals are struggling to get trade loans as banks scrutinise their activities and hold back credit, following Beijing’s orders to rein in currency speculation.

■ Competition in the job market is expected to intensify this year as the number of fresh college graduates in China hits a record high.

■ Corporate business travel in China is expected to increase 15.1 per cent in 2013, according to a study by AirPlus International. China is now considered the fastest-growing market for the sector.